American Axle shares tumble on news of GM cuts

Shares of other auto suppliers also tumbled to historic lows before rebounding later in the day.

Tenneco Inc., which makes emission and ride control products for the automakers, tumbled as much as $1.75, or 13 percent, to $11.47, before climbing back to close at $12.76.

The day's low easily passed the Lake Forest, Ill.-based company's previous 52-week record of $12.35 and marked its lowest share price since the fall of 2004.

Tenneco also said Monday that it would layoff 104 workers at a Canadian plant, citing previous GM production cuts announced in June. The Owen Sound, Ontario facility assembles shocks for a variety of GM small pickups and SUVs.

Meanwhile, Visteon Corp. fell 6 cents, or 2.8 percent, to close at $2.12, but earlier traded as low as $1.93, marking the first time its shares fell below the $2 mark since the company was spun off from Ford Motor Co. in 2000.